There are many differences between getting an FHA (Federal Housing Administration) loan and choosing to get a conventional loan, and yet at the same time, there are many similarities as well. In the total scheme of things, it is far easier for a potential homeowner to qualify for an FHA loan than it is for them to get rewarded with a conventional loan. An individual’s qualifying standards are put into play when deciding between the two loans. In a nutshell, a 3 to 5% down payment [of the homes asking price] is necessary for an FHA loan — versus — a 5 to 25% down payment when getting a conventional loan. Which one is going to be right for you, is what we would like to outline in assisting you in making the proper decision.

So you’re ready to buy a house, or refinance your existing one, and you just need to know what to do. Well, don’t worry friends we’ll take you through the process step-by-step. Since interest rates are low right now many homeowners are looking to refinance their mortgages during this time. It is also a good idea to consider whether or not a refinance of your mortgage is a good sound decision and makes financial sense.

Mortgage interest rates are one of the first things that you will want to consider, however this is just a small part of the grand scheme of things. Now, you’ve decided to find out if the refinancing plan is something that you want to do, and so you’ll need to know the different types of mortgage loan refinancing and the costs that come with them.(more…)